Crypto funding returns, but valuations are more selective

Crypto companies are again raising large amounts of capital, but investors are not assigning the broad valuation premiums seen in earlier market cycles. Kalshi is reportedly pursuing a $1 billion round at a $40 billion valuation, while Blockchain.com is said to be preparing for an IPO at a much lower valuation than it reached during the last crypto boom. The article also highlights a broader shift in digital asset treasury companies. According to DWF Ventures, only four of the 20 largest treasury firms are still trading above the value of their crypto holdings, suggesting public market investors are less willing to pay extra for indirect crypto exposure. Elsewhere in the crypto industry, Bitget’s CEO said recovering funds from the exchange’s recent $388 million breach appears unlikely. The report also notes that withdrawals have resumed in stages, while some funds were frozen by other firms. The piece points to a market where capital is returning, but pricing remains more restrained than before.